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Months after Lonmin emerged from the longest and costliest strike in South African history, the London-listed platinum producer has announced plans to cut about 3,500 jobs across the country.

The under-pressure platinum producer said that low prices for the precious metal were putting the business under strain and it had to cut costs in order to “maintain the resilience of our business and protect employment”.

Platinum prices have plunged about 20 per cent since the start of last year and have failed to recover any meaningful ground since then, causing significant distress in the sector.